Freddie Mac Resisted Mass Refinancing Programs

By: Monday October 29, 2012 12:27 pm

I’m glad Jesse Eisinger went back and examined why one of the GSEs failed to offer mass refinancing for years, until the federal government basically insisted. But I think this is a story that attempts to set up a binary ideological dynamic where Occam’s razor suggests a lot of bipartisanship in neglecting homeowners. To start, [...]

Fed, Treasury Refuse to Take Libor Out of TARP Programs

By: Friday October 26, 2012 6:17 am

The Special Inspector General for TARP, Christy Romero, has recommended that the Federal Reserve and the Treasury Department stop using LIBOR, the benchmark interest rate derived in such a slipshod way that it was rigged for years. But the Fed and Treasury aren’t taking Romero up on the request. The Treasury and the Fed should [...]

Senate Republicans Begin Hostage-Taking Strategy over the Next Debt Limit

By: Monday October 15, 2012 12:42 pm

One area that has been pushed to the side as we contemplate the lame duck session and all the expiring fiscal measures is the debt limit. When last we left our story, the debt limit was extended by $2.1 trillion last August, with the expectation being that this would keep the country able to borrow [...]

Treasury Rumors: Replacements for Geithner on Either Side a Fairly Sorry Lot

By: Monday October 1, 2012 2:11 pm

The next Administration, whoever it may be, will feature a new direction on policies around economic and finance issues. That’s because, even if Barack Obama wins re-election, Treasury Secretary Timothy Geithner has announced that he would leave his post. So you either get a Romney Presidency and an entirely new direction on these policies, or [...]

Like Federal Programs, New Jersey’s Foreclosure Relief Effort Slow to Pay Out

By: Tuesday September 25, 2012 9:39 am

We can now say with some degree of certainty that foreclosure mitigation plans, as conceived for the crisis years, didn’t work. All we have to do is look at the money allocated for the programs relative to the money paid out.

Over 1 Million Homeowners Bounced From HAMP Since Program Began

By: Friday September 14, 2012 6:15 am

The August housing scorecard is out, and as Arthur Delaney notes it contains a dubious milestone. Over 1 million homeowners have now been kicked out of the HAMP program, either by being turned down for a permanent modification or going into a re-default on their modification once it became permanent. And all 1 million of [...]

Treasury Lowballs Settlement Against Standard Chartered, Despite Large Award to New York Regulator

By: Thursday September 13, 2012 8:17 am

Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely [...]

Study Blames Banks for Poor HAMP Performance; Blame the Designers, Treasury, Instead

By: Wednesday September 12, 2012 12:19 pm

I’ve seen some buzz from, among other places, Pro Publica, about a new study blaming banks for the inadequacies of the Administration’s foreclosure mitigation program, HAMP. According to the study, if the banks were properly staffed and performed better under the program, HAMP would have produced 800,000 more modifications by the end of the year, [...]

Treasury to Sell Majority Stake in AIG

By: Monday September 10, 2012 8:55 am

Four years after taking over the troubled insurance giant AIG, the US will sell its majority stake in the company in an $18 billion deal that appears to be more symbolic than anything. The sale will mark a step that seemed hard to imagine four years ago, when the New York insurer was effectively nationalized [...]

Another International Bank Cops to Money Laundering Violations With Iran

By: Wednesday August 22, 2012 11:57 am

I think what we’ve learned by now is that every international bank in the world may have violated US anti-money laundering guidelines, specifically when it came to doing business with countries barred by sanctions. Royal Bank of Scotland is only the latest, and you can add it to the growing list of firms we know [...]

Erskine Bowles Heaps Praise on Paul Ryan in 2011 Video

By: Tuesday August 14, 2012 7:35 am

I’m not sure I even have to add words to this post. Just avail yourself of Erskine Bowles, floated as a potential replacement at Treasury in an Obama second term, the “liberal” half of the Bowles-Simpson catfood commission, singing the praises of Paul Ryan, a year after Ryan rounded up his fellow House Republicans on [...]

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